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Volatility In Motion





Views on volatility are often only within recent context, causing sometimes influential advisers and investment banks to misguidedly extrapolate correction or premature rebound calls with far greater frequency then they actually occur (excessive false positives).  In this article we see everything through a pertinent wider lens.  We focus on how and when volatility moves from one level, to another. 

 
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WSJ Notes "Chances That China's Data Is Real Is Very Low" Then Promptly Scrubs It





Now you see it: "The chances that that data is real is very low," said Alicia Garcia Herrero, Natixis's chief economist for the Asia-Pacific region. "Would you publish GDP data that looks south at this point in time? I don't think so."

Now you don't.

 
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How The US Government Blew $1 Billion In Taxpayer Funds On "Ghost Schools" In Afghanistan





In the wake of so many wasteful, inhumane and disastrous foreign policy failures, the U.S. government has been desperate to highlight some significant successes in order to justify all of these tragic foreign imperial blunders. One such supposed success relates to education in Afghanistan, an area into which some $1 billion in taxpayer money has been spent to build schools and pay teachers according to Buzzfeed. U.S. Government officials have consistently trumpeted all of the good work that has been done in this regard, but there’s one slight problem. Not only are most of the statistics complete bogus, but in many cases, a lot of this U.S. wealth that was meant to be targeted for education, has gone straight to the coffers of some of the most ruthless warlords in the county. How could this happen you ask?

 
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Gold And The Silver Stand-Off: Is The Selling Of Paper Gold And Silver Finally Ending?





In a January 2013 report “Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans by NBFCs”, the Reserve Bank of India estimated that the ratio of paper gold trading to physical gold trading is 92:1. That is a lot of unbacked paper gold instruments. This has almost entirely separated the “gold price”, such as it is (the clearing price for vast volumes of paper gold “representations” with a fractional backing) from the fundamental supply and demand dynamics for actual physical gold bullion.

As Mr L. famously quipped. "Ever get the feeling you’ve been cheated?"

 
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'Wanted' Obama "Hope" Artist Has None Left, Turns Himself In To Police





World-renowned street artist Shepard Fairey - infamous for creating Obama's "Hope" image during the 2008 presidential campaign and more recently the "obey" street art - has apparently run out of it. He was arraigned today, after turning himself into Detroit police, on felony charges that he illegally tagged public and private property in the city. Detroit Police last month said Fairey set a bad example for other artists when he plastered his signature Andre the Giant posters on buildings in and near downtown.

 
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Everything You Need To Know About The Greek Crisis And ECB Fascism In Two Paragraphs





There is no democracy in Europe. None.

 
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How The Fed Almost Admitted HFTs Are Illegal





"At times, self-trading may reflect unlawful conduct. For example, unlawful self-trades may constitute “wash sales.” In the futures markets, “wash sales” involve a purchase and sale of the same delivery month of the same futures contract at the same or similar price, made without an intent to take a genuine, bona fide position in the market, and instead, are intended to negate risk or price competition. In the securities markets, for example, a “wash trade” is a transaction that does not result in a change of beneficial ownership when there is a fraudulent or manipulative purpose behind the trade. This report is not making any findings on the legality of any self-trading that occurred on the days covered in this analysis."

 
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Iran Deal Done - "Stunning, Historic Mistake" Or "Profoundly Positive Change"





While slightly later than expected, a comprehensive deal on Iran’s nuclear weapons program has now been reached. As Reuters reports, the agreement will be greeted with alarm in several quarters, both in Washington and Tehran and internationally too, and could yet unravel. Internationally, the deal will accelerate unease in some Arab states, including Saudi Arabia, but it is Israeli Prime Minister Benjamin Netanyahu who remains the fiercest public critic and has issued a warning that the accord will "inevitably lead to a nuclear war." The deal profoundly changes the balance of power in the region, but averts the conflict that was likely otherwise, but as ECStrat notes, Iran offers exceptional investment opportunities, but the near term impact will be to continue oil’s decline back to its lows, potentially taking energy stocks with it.

 
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Frontrunning: July 14





  • Greek lawmakers split over bailout as vote looms (Reuters)
  • Greek Bailout Rests on Asset Sale Plan That Already Failed (BBG)
  • Greece Needs $25 Billion to Get Through August, Scicluna Says (BBG)
  • Tsipras Enters Parliament Den to Sell Aid Deal to Greeks (BBG)
  • Greece makes samurai bond repayment (FT)
  • Iran, World Powers Have Reached Nuclear Agreement (BBG)
  • Janet Yellen’s Fed Flounders in Political Arena (WSJ)
 
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The One Lesson To Learn Before A Market Crash





Greece is saved!!! I mean BANKERS are saved!!! The market will celebrate the total capitulation of Greece to the EU bankers. Nothing has been resolved. The debt won’t be repaid. The can has been kicked again. Portugal, Spain, Italy, Ireland and even France are essentially insolvent. It’s all a ponzi scheme. The bankers win and the people lose. Hope is not a strategy. Hussman’s weekly tome shows how a crisis plays out. Bad shit happens and the powers that be react with bad solutions that keep their wealth and power protected. Their bad solutions lead to a worse crisis. More bad solutions. And so on, until complete collapse.

 
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Why Did Schauble Almost Use The "Nuclear Option" - Tim Geithner Explains





"The idea was that with Greece out, Germany would be more likely to provide the financial support the eurozone needed because the German people would no longer perceive aid to Europe as a bailout for the Greeks. At the same time, a Grexit would be traumatic enough that it would help scare the rest of Europe into giving up more sovereignty to a stronger banking and fiscal union."

 
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Yanis Varoufakis: "Merkel's Control Over The Eurogroup Is Absolute, They Are Beyond The Law"





The new Greek deal is "absolutely impossible, totally non-viable and toxic …[they were] the kind of proposals you present to another side when you don’t want an agreement." Speaking with The New Statesman, former Greek FinMin Yanis Varoufakis blasts Wolfgang Schaeuble's position which will lead to "a humanitarian crisis" for Greece and warns, regarding this latest creditors' proposal, "if anything it will be worse [for the Greeks]." His conclusion is succinct, "we were set up...," Merkel and Schäuble’s control over the Eurogroup is absolute, and that the group itself is beyond the law.

 
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Why NATO Fears 'Grexit'





As far as transatlantic security is concerned, the danger posed by the Grexit is not confined to the questions it raises over Greece's NATO membership, or the security ripple effects caused by the Greek economy's collapse. Grexit's danger lies in the fact that it serves as a symbol of the reversal of transatlantic institutions' fortunes in their attempts to build and maintain a hegemonic political, economic and military order in Europe.

 
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How Fascist Capitalism Functions: The Case Of Greece





There is democratic capitalism, and there is fascist capitalism. What we have today is fascist capitalism; and the following will explain how it works, using as an example the case of Greece. Simply out - The whole system is a money-funnel, from the public, to the aristocracy.

 
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The Crony Capitalist Pretense Behind Warren Buffett's Banking Buys





When Warren Buffet put $5 billion in Berkshire Hathaway funds into Goldman Sachs the week after Lehman failed, amidst total turmoil and panic, it appeared from the outside a high risk bet. Buffet had long tried to portray himself as a folksy engine of traditional stability, investing only in things he could understand, so jumping into a wholesale run of chained liabilities may have seemed more than slightly out of character. We have no particular issue with Buffet making those investments, only the pretense of intentional mysticism that surrounds them. The reason the criticism of crony-capitalism sticks is because this was not Buffet's first intervention to "save" a famed institution on Wall Street. If Buffet's convention is to stick with "things you know" then he has been right there through the whole of the full-scale wholesale/eurodollar revolution.

 
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